Doing the math on the new student loan law

President Barack Obama signed legislation on Tuesday changing the way the student loan plan is administered.

South Carolina Sen. Lindsey Graham, an opponent of the plan, said the government is effectively taking over the student loan process and that students will actually end up paying more for their loans as a result.

"The average student will be spending $1,700 to $1,800 more during the life of their loan because of this surcharge," Graham said on the March 24, 2010, episode of On the Record with Greta Van Susteren. "From the students' point of view, it's going to cost you $1,700 to $1,800 more to pay your student loan off, and all the money goes to the federal government."

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